Sonae SGPS

Major Shareholding Notification • Nov 28, 2016

Lugar do Espido, Via Norte Apartado 3053 4471-907 Maia Portugal

T (+351) 22 010 79 03

SONAE CAPITAL, SGPS, SA Sociedade Aberta Lugar do Espido, Via Norte, Maia Share Capital: 250,000,000.00 Euro Maia Commercial Registry and Fiscal Number 508 276 756

As required by Article 17 of the Portuguese Securities Code, Sonae Capital, SGPS, SA informs that, on 28 November 2016, it has received the attached announcement from Sycomore Asset Management.

The Representative for Capital Market Relations,

ų, European Securities and ŵ Markets Authority Ŕ

ESMA/2015/1597

Standard form for notification of major holdings

NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the competent authority)

1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached^": Sonae Capital

2. Reason for the notification (please tick the appropriate box or boxes):

[x] An acquisition or disposal of voting rights

• [] An acquisition or disposal of financial instruments
• [] An event changing the breakdown of voting rights

[] Other (please specify)":

3. Details of person subject to the notification obligation^®:

Name: Sycomore Asset Management

City and country of registered office (if applicable): Paris, France

1. Full name of shareholder(s) (if different from 3.)^v:

5. Date on which the threshold was crossed or reached 24/11/2016

6. Total positions of person(s) subject to the notification obligation:

	% of voting rights at- tached to shares (to- tal of $7.A$ )	% of voting rights through financial instru- ments (total of $7.B.1 + 7.B.2$ )	Total of both in % $(7.A + 7.B)$	Total number of voting rights of is- suer ii
Resulting situation on the date on which threshold was crossed or reached	1.99%		1.99%	250.000.000
Position of previous notification (if appli- cable)	2.05%		2.05%

7. Notified details of the resulting situation on the date on which the threshold was crossed or reached^vii:

A: Voting rights attached to shares

Class/type of shares ISIN code (if possi- ble)	Number of voting rightsix		% of voting rights
	Direct (Art 9 of Directive 2004/109/EC)	Indirect (Art 10 of Directive 2004/109/EC)	Direct (Art 9 of Directive 2004/109/EC)	Indirect (Art 10 of Directive 2004/109/EC)
PTSNP0AE0008	4.987.384		1.99%
SUBTOTAL A	4.987.384		1.99%

Type of financial in- strument	Expiration date x	Exercise/ Conversion Period*	Number of voting rights that may be acquired if the instrument is exer- cised/converted.	% of voting rights
		SUBTOTAL B.1

B 2: Financial Instruments with similar economic effect according to Art. 13(1)(b) of Directive 2004/109/EC
Type of financial instrument	Expiration date x	Exercise/ Conversion Pe- riod *i	Physical or cash settlement xii	Number of voting rights	% of voting rights
			SUBTOTAL B.2

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1. Information in relation to the person subject to the notification obligation (please tick the applicable box):

[x] Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuer.xiii

[] Full chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held starting with the ultimate controlling natural person or legal entity**:

Name w	% of voting rights if it equals or is higher than the notifiable threshold	% of voting rights through financial in- struments if it equals or is higher than the notifiable threshold	Total of both if it equals or is higher than the notifiable threshold

1. In case of proxy voting: [name of the proxy holder] will cease to hold [% and number] voting rights as of [date]

2. Additional information^wi:

Done at Paris on November 28th 2016.

Jean-Baptiste BLANC, Head of Legal and Compliance

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